It’s a good idea to review your financial plan at least once a year

Certified financial planner Cynthia Kett advises clients to do a checkup on their finances at least once a year to ensure they’re on track with their goals.

January is often a good time to conduct a budget review because you’ll have the benefit of the full year’s receipts and expenses, she says.

“It’s good to review partway through the year too, because then you can take some corrective action instead of waiting until the end of the year and go ‘Oh my goodness, that was a disaster,'” says Ms. Kett, who is also an accountant at Stewart & Kett Financial Advisors Inc.